Europe is hankering after a new fiscal union to retrieve itself from the financial quagmire of the past couple of years. The new fiscal accord, agreed by 23 of the 27 European Union members at the EU summit, asserts fiscal discipline on the part of the member states. The December 9 agreement provides more unyielding budget rules and has provided a further 200 billion euros ($267 billion) to the euro exchequer to woo investors and ensure that the eurozone flaunts an aura of stability and self-sufficiency. As France and Germany led the way, backed staunchly by the European Central Bank, Britain chose to opt out after failing to bag concessions for itself. David Cameron’s veto has generated consternation of isolation in the British press as fears of being marginalised on the EU front gather momentum.
Throughout European history – especially over the past 500 years or so – the crux of British foreign policy has been to maintain a balance of power on the volatile continent, while keeping its commercial hegemony intact. Even when Britain was at the helm of European affairs in the 19th century, it adopted a policy of ‘splendid isolation’ to detach itself from the internal rivalries and shifted alliances with the continental powers – according to the need of the hour – to ensure that the balance of power sustained. The apogee of the policy of “splendid isolation” on Britain’s part came at the tail-end of the 19th century under Benjamin Disraeli and the Marquess of Salisbury, as Britain yearned for the establishment of its naval supremacy and trade in lieu of dragging itself into European altercations. While Cameron might have conjured up the Disraelian outcome of European isolation for his nation at the recent EU summit, the current detachment connotes something quite contrary to the grandeur and influence of Great Britain in Disraeli’s epoch; it smacks of redundancy.
Cameron’s veto might crash Britain into an economic dead end, as the national businesses, magnates and the stakeholders hauled over coals on what was, as they perceived it to be, a flabbergasting decision. With support for the deal all across the board in Europe there are also apprehensions about Britain seceding from the EU. Considering the fact that 23 of the 27 nations agreed to the deal, and of the remaining four Sweden and Czech Republic are more than likely to join in after consultations with their parliaments; it leaves Britain in a sticky situation. And of course this tight spot brings the British coalition government under the spotlight and evidently under the gun as well.
France, au contraire, must be enjoying every minute of this. Nicolas Sarkozy was one of the frontrunners in the matters at Brussel; and if one were revisit our throw back to European history he might have achieved what many extolled French leaders vied for but failed to pull off – a union of Europe with France orchestrating matters and Britain prowling on the periphery. Napoleon Bonaparte’s ultimate target was the conquest of their cross channel nemesis and Charles De Gaulle never pulled any punches against Britain either – the veto against British entry in the Union in 1963 and again in 1967 being conspicuous indicators. France has historically never considered Britain a part of the European Union, and Sarkozy might be witnessing the unraveling of his nation’s diplomatic stratagem of years gone by, right in front of his eyes. Although of course, giving the French leader any credit for the British predicament would be erroneous. It is the British premier who deserves this particular cake, as he shot himself on the foot by showcasing a ‘holier than thou’ attitude and over exalting the ‘British interests’ which in turn has left his country on the sidelines as the rest of Europe stands united.
The writer is Sub-Editor, Profit. He can be reached at [email protected]
